Victor Muller, Saab Automobile chairman, and Richard Zhang, vice president of Hawtai Motor Group, are expected to address the media.

Muller told Reuters that the deal involved “investing in Spyker.” Muller, who is currently in Beijing, declined to give more details.

The announcement will be made in Beijing at 2:30 a.m. ET. It will be 2:30 p.m. in China.

Hawtai Motor Group’s business includes the development, sales and export of vehicles, diesel engines for clean-type sedans and gearboxes for automatic transmissions, according to a Jan. 7 filing from China Minsheng Banking Corp. Hawtai could not be reached for comment.